Are you considering selling your home now? Traditionally, spring has been the time of year when the real estate market explodes. Over the past few years, we have not experienced anything traditional about our market. The supply of homes available for sale has not met the demand. If you are thinking of selling your home, now may be the right time for you rather than waiting until spring.
Homebuyers are looking for their homes now.
Due to the competitive market we have been experiencing, home buyers are now looking for their new homes. According to Showing Time’s Showing Index, the showing scheduling service used by our local MLS, showings in December 2021 were 14.2% higher than December 2020 in the Northeast region of the US. December is typically a slow month, and although it was slower than the busier spring months, it was more active than previous years.
Buyers looking for homes in the winter are typically more serious buyers. Finding more space is a top priority for many, with more employees working from home. In addition, many homebuyers are receiving their year-end bonuses and are ready to put it to good use!
There is less competition now.
Many sellers are getting their homes ready to list in the spring. However, the inventory is low, and the competition is stiff for the homes that come on the market.
Listing before there is more supply available can help you get the best price, and the most interest is an excellent reason to consider selling your home now.
New construction should be catching up with delays.
During the pandemic, the supply chain issues and labor shortages slowed down building timeframes. These issues are expected to improve in 2022, increasing the competition in the sale of existing homes.
Mortgage rates are still low.
Mortgage rates remain low. Mortgage rates rose in January, and projections anticipate further increases. These predictions are based on high inflation, changes in Federal policy, and the decreasing impact of the pandemic.
According to industry news, many industry experts agree that mortgage interest rates will increase during 2022. However, insiders in the industry cannot see into the future, but they study markets and indicators.
Their concern is the current inflation rates, the dwindling effects of the pandemic, as well as the Federal Reserve’s announcement that the economy is healthy enough and that monetary policy should tighten.
If you have been considering selling your home, now may be the time for you to make that move. With low-interest rates, you can fix your mortgage payment with a fixed-rate mortgage before the rates increase.
In addition, if you have an existing home to sell, you may realize proceeds from the sale that will help you further lower the costs of your new home, thanks to the appreciation of home prices.